Deposits

FIXED DEPOSIT

A fixed deposit (FD) is a financial instrument provided by banks which provides investors with a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account, It is known as a term deposit or time deposit. They are considered to be very safe investments.   Peroorkada Service Co Operative banks may offer additional services to FD holders such as loans against FD certificates at competitive interest rates.

RECURING DEPOSIT

Recurring Deposit is a special kind of Term Deposit offered by banks  which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate of 9.5% It is similar to making FDs of a certain amount in monthly installments, for example Rs 1000 every month. This deposit matures on a specific date in the future along with all the deposits made every month. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.Minimum Period of RD is 24 months and maximum is 6 years.

The Recurring Deposit can be funded by [Standing order (banking)|Standing instructions] which are the instructions by the customer to the bank to withdraw a certain sum of money from his Savings/ Current account and credit to the Recurring Deposit every month.

SAKALLYA DEPOSIT (CHILD PLAN)

This is a small savings scheme which can be opened by the natural (biological) or legal guardian of the child aged below 10 years. The Metured amount will get after getting the age of 18 Years.